American Bitcoin’s ambition is to dominate mining — Hut 8 CEO
Earlier this week, Bitcoin mining giant Hut 8 revealed a partnership that includes two members of the Trump family — Donald Jr. and Eric — and its plans to launch a new mining venture, American Bitcoin.
In an exclusive interview on Decentralize with Cointelegraph’s Byte-Sized Insight series, Hut 8 CEO Asher Genoot shared new details about the venture’s vision, why the timing was right and how the company plans to scale.
“We’ve thought about splitting out our Bitcoin mining and energy infrastructure businesses for some time,” Genoot said. “Meeting Eric and Don Jr., and seeing their deep passion for Bitcoin and infrastructure, was the perfect catalyst.” According to Genoot, the goal is clear: to build one of the world’s largest and most efficient Bitcoin mining platforms, rooted in American soil and aligned with pro-Bitcoin sentiment growing under President Donald Trump’s administration. “Eric told me, ‘I don’t want to get involved in anything that isn’t the biggest and the best,’” he said. The move comes at a pivotal moment for US-based mining. With China out of the picture post-2021 crackdown, and Washington now openly exploring the idea of a strategic Bitcoin reserve, America’s place in the global mining ecosystem is under transformation. Still, size isn’t everything. Genoot emphasized that efficiency and cost-effectiveness are core to the strategy. “We don’t want to just be the biggest. We want to be the most efficient and cost-effective miner. If our cost basis isn’t low, we might as well just buy Bitcoin.” Related: Bitcoin miner Hut 8 argues to toss ‘short and distort’ shareholder suit American Bitcoin’s structure allows it to mine BTC at low cost, accumulate more when the market allows, and potentially expand into other Bitcoin ecosystem services. Hut 8 currently holds over 10,000 BTC on its balance sheet, worth up to $1 billion depending on market conditions. American Bitcoin aims to surpass that. And the company isn’t just bullish on Bitcoin; it’s bullish on power consumption. Genoot pushed back on criticism that mining wastes energy: “Power consumption has only increased with every tech revolution. Cheap, excess energy is what drives Bitcoin mining — and a lot of that energy is renewable.” Looking ahead, Hut 8’s mining spinoff has big ambitions. “Our focus is scaling. Our focus is taking this company public on a US exchange,” Genoot said. “You’ll hear more from us soon.” Listen to the full episode of Byte-Sized Insight for the complete interview on Cointelegraph’s Podcasts page, Apple Podcasts or Spotify. And don’t forget to check out Cointelegraph’s full lineup of other shows! Got thoughts? Join the conversation on X or email us at savannah@cointelegraph.com. Magazine: SEC’s U-turn on crypto leaves key questions unanswered
The right team and the right time
Mining and accumulating BTC
Bitcoin (BTC) $ 123,680.00
Ethereum (ETH) $ 4,741.64
XRP (XRP) $ 3.28
Tether (USDT) $ 1.00
BNB (BNB) $ 847.97
Solana (SOL) $ 202.09
USDC (USDC) $ 0.999804
Lido Staked Ether (STETH) $ 4,731.90
Dogecoin (DOGE) $ 0.245499
TRON (TRX) $ 0.361900
Cardano (ADA) $ 0.923636
Wrapped stETH (WSTETH) $ 5,750.46
Chainlink (LINK) $ 23.96
Hyperliquid (HYPE) $ 47.71
Wrapped Bitcoin (WBTC) $ 123,458.00
Wrapped Beacon ETH (WBETH) $ 5,099.61
Stellar (XLM) $ 0.452889
Sui (SUI) $ 4.03
Wrapped eETH (WEETH) $ 5,087.07
Bitcoin Cash (BCH) $ 616.32
Hedera (HBAR) $ 0.267214
WETH (WETH) $ 4,743.66
Ethena USDe (USDE) $ 1.00
Avalanche (AVAX) $ 25.54
Litecoin (LTC) $ 130.96
Toncoin (TON) $ 3.54
LEO Token (LEO) $ 9.24
Shiba Inu (SHIB) $ 0.000014
USDS (USDS) $ 0.999563
Uniswap (UNI) $ 12.18
Coinbase Wrapped BTC (CBBTC) $ 123,673.00
Binance Bridged USDT (BNB Smart Chain) (BSC-USD) $ 1.00
WhiteBIT Coin (WBT) $ 47.00
Polkadot (DOT) $ 4.29
OKB (OKB) $ 106.50
Bitget Token (BGB) $ 4.84
Ethena Staked USDe (SUSDE) $ 1.19
Cronos (CRO) $ 0.167969
Pepe (PEPE) $ 0.000012
Ethena (ENA) $ 0.777916
Aave (AAVE) $ 331.56
Monero (XMR) $ 252.40
Dai (DAI) $ 1.00
Mantle (MNT) $ 1.13
Bittensor (TAO) $ 390.82
NEAR Protocol (NEAR) $ 3.00
Ethereum Classic (ETC) $ 24.25
Aptos (APT) $ 5.07
Ondo (ONDO) $ 1.08
Internet Computer (ICP) $ 6.04
Pi Network (PI) $ 0.399669
Jito Staked SOL (JITOSOL) $ 247.29
Arbitrum (ARB) $ 0.569732
Binance-Peg WETH (WETH) $ 4,745.38
Kaspa (KAS) $ 0.099428
Algorand (ALGO) $ 0.282188
BlackRock USD Institutional Digital Liquidity Fund (BUIDL) $ 1.00
Pudgy Penguins (PENGU) $ 0.037581
POL (ex-MATIC) (POL) $ 0.257089
VeChain (VET) $ 0.026592
Cosmos Hub (ATOM) $ 4.87
Rocket Pool ETH (RETH) $ 5,387.57
USD1 (USD1) $ 1.00
Render (RENDER) $ 4.18
Gate (GT) $ 17.87
Bonk (BONK) $ 0.000028
Worldcoin (WLD) $ 1.13
Binance Staked SOL (BNSOL) $ 215.51
Kelp DAO Restaked ETH (RSETH) $ 4,974.85
Sei (SEI) $ 0.355228
sUSDS (SUSDS) $ 1.06
Fasttoken (FTN) $ 4.57
Artificial Superintelligence Alliance (FET) $ 0.753047
Official Trump (TRUMP) $ 9.66
Filecoin (FIL) $ 2.74
Jupiter Perpetuals Liquidity Provider Token (JLP) $ 5.43
Story (IP) $ 5.94
StakeWise Staked ETH (OSETH) $ 4,990.00
Sky (SKY) $ 0.081954
Liquid Staked ETH (LSETH) $ 5,143.52
Mantle Staked Ether (METH) $ 5,078.93
Flare (FLR) $ 0.023630
Jupiter (JUP) $ 0.554934
Lombard Staked BTC (LBTC) $ 123,685.00
Quant (QNT) $ 115.04
SPX6900 (SPX) $ 1.74
KuCoin (KCS) $ 12.56
Injective (INJ) $ 16.19
Optimism (OP) $ 0.865686
Celestia (TIA) $ 2.00
USDtb (USDTB) $ 1.00
XDC Network (XDC) $ 0.089404
Curve DAO (CRV) $ 1.04
Renzo Restaked ETH (EZETH) $ 4,998.03
Stacks (STX) $ 0.793499
Pump.fun (PUMP) $ 0.003917
NEXO (NEXO) $ 1.37
USDT0 (USDT0) $ 0.999902
Lido DAO (LDO) $ 1.51
Falcon USD (USDF) $ 0.999900
